A new ad campaign by New York Life Insurance Company is focused on financial advisors as the company seeks to position itself and its subsidiaries as providers of guaranteed lifetime streams of income.
Using the tagline “Let’s Give Americans Their Pensions Back,” the company is launching a multiyear campaign to showcase annuities as replacements for the pensions no longer available to most consumers. Chris Blunt, executive VP in charge of retirement income security, said in a statement that the program “encapsulates our belief in the practical wisdom of creating a guaranteed lifetime income stream for yourself.”
This is a departure for the company, which has traditionally focused on the consumer and not financial professionals. Angela Kyle, senior VP in the company's retirement income security division, said in an interview that New York Life's advertising campaigns traditionally focused on consumers and the consumer press, and that “We've done very limited trade advertising; this campaign is specifically targeting the financial advisor.”
Kyle added, “New York Life sells fixed and immediate annuities in the third-party distribution channels, in addition to selling those annuities and variable annuities in our agency channel.”
According to LIMRA, sales of annuities in 2010 showed mixed results, with variable annuity sales up 8% compared with the first three quarters of 2009, and sale of fixed annuities down 11% compared with the first three quarters of 2009. Indexed annuities, according to Beacon Research, made up 44% of fixed annuity sales in Q3 2010.